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Conversational Commerce: How to measure the success in banking

Before talking about conversational commerce, let’s go back to the origin of measurement. It is said that one of the functions, or main reasons, why human beings developed writing was the need to keep accounts of goods, grains, livestock or tools, more than 5,000 years ago. As we can see, since almost the beginning of our times, we have had the need to measure, calculate and value our resources.

Over time, more sophisticated measurement systems have been developed, such as the Arabic decimal system, which laid the foundation for the current system.

Today, in the digital era, with the impact of information technology and telecommunications, and the integration of new technologies such as GPS, artificial intelligence, the most precise and accurate measurement is not only possible but can also be transmitted in real time.

These advances apply to all areas and industries, including, of course, the banking sector. In fact, according to a Gartner study, today up to 65% of financial institutions use chatbots and virtual assistants.

In this case, we focus on the performance of bots with or without business intelligence tools; capturing audiences in web campaigns; analyzing the behavior of your users during interactions with the contact center; and other related activities. All of the above to achieve the expected conversion, whether it is the opening of an account, closing of a loan, investment in capital or the completion of a customer service. So, what exactly should we measure to know the success of our conversational commerce campaigns and how should they be performed?

A priori we can mention 4 important indicators:

Use and adoption of new technologies in conversational commerce

In this case, it is recommended to measure the number of customers interacting with chatbots or virtual assistants in a given and established period of time; and through which channels.

Impact or conversions

Estimate the return on investment (ROI) of conversational commerce, comparing implementation and maintenance costs with the benefits obtained, such as increased sales and reduced customer service costs. In addition, measure the average value of purchases or transactions made through chatbots or virtual assistants.

Customer satisfaction on Conversational Commerce

Through technologies such as text analytics, it is possible to implement an analysis of the tone or sentiment with which the customer interacts with our bots. In this way, it is possible to determine whether or not they are satisfied with the guidance provided and thus adjust in relation to the results. To do this, it is necessary to establish criteria and an experience rating system to be able to collect customer feedback directly from the customer.

Conversational commerce

Chatbot / virtual assistant performance

In collaboration with the service provider, measurement criteria are defined to evaluate the effectiveness of the chatbot or virtual assistant. Among these criteria we can find: average response times, abandonment rate, resolution rate, service report, operator access, among others.

In our case, our Social CX solution offers the ability to manage these reports and adapt them to the specific needs of the client in order to obtain more accurate statistics that evaluate the relevant aspects of the project.

Keeping these 4 measurable points in mind and maintaining clear and measurable objectives for conversational commerce is an ongoing process that requires a combination of key indicators, analysis tools and optimization strategies.

The important thing about all these tools is to understand the impact of conversational commerce on customer experience, sales, and other business objectives in financial institutions in order to make informed decisions and improve the effectiveness of banking strategies.

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